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What is the Foreign Investment Review Board?
Foreign Investment Review Board examines proposals by foreign interests to undertake direct investment in Australia and makes recommendations to the Government on whether those proposals are suitable for approval under the Governments policy.
What is the purpose?
The main purposes of the Foreign Investment Review Board are
- To examine proposals by foreign interests for investment in Australia and, against the background of the Governments foreign investment policy, to make recommendations to the Government on those proposals.
- To advice the Government on foreign investment matters generally.
- To promote an awareness and understanding, both in Australia and abroad, of the Governments foreign investment policy.
- To provide guidance, where necessary, to foreign investors so that their proposals may be in traditional values with the policy.
- To monitor and ensure compliance with foreign investment policy.
Who has ultimate discretion to accept or reject the FIRB's recommendations?
The Foreign Investment Review Board purposes are not compulsory. Responsibility for the Governments foreign investment policy and for making decisions on proposals rests with the Treasurer. The Parliamentary Secretary makes many of the decisions requiring Ministerial consideration to the Treasurer.
The Foreign Investment Review Board is assisted by an Executive which is part of the Treasury and also has available to it advice from other Commonwealth and State Government departments and authorities.
What were the reasons for rejecting the Woodside Takeover?
I believe that the rejection of the Woodside Takeover was because; it does not deal with the national interest. It was also a political issue and was determined by Peter Costello after getting the influence of the Treasury of the Foreign Investment Review Board. If the go ahead of the Woodside issue it will lower the Australian Dollar that will drive the Dollar to an all time low. This rejection ensures that it was in the national interest of the Public.
Are there any industries or areas, which are off limits, or have limitations n foreign investment? Explain
The area's that have off limits on foreign investment include -
- Educations
- Health
- Postal
- Water
These are off limits to overseas competition and the industries include -
- Media
- Banking
- Telecommunication
There are over countries have asked Australia to open these areas to them and to drop its foreign investment restrictions.
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